i won 400$ off a scratch lottery ticket, will the government take any money out for such a small amount?
2007-08-31 15:37:20 · 23 answers · asked by call the owls 4 in Entertainment & Music ➔ Polls & Surveys
no, go cash it in at a large gas station where they have large cash at hand~and its up to you to report it!you DONT HAVE TO though!
sometimes they make u go to the headquarters if its larger then 200 bucks
have fun and spend it wisely
.
2007-08-31 15:40:59 · answer #1 · answered by bRoWn eYeD BuTTeRfLy®210~TX 6 · 0⤊ 0⤋
first of all, Congratulations! Even if you only won $400, it is still a big deal to win the lottery! Unfortunatley, the government will deduct about 30% of your earnings. That would be roughly about 95. You will end up walking away with about $300. Have fun spending it!
2007-08-31 22:47:07 · answer #2 · answered by laila 2 · 0⤊ 0⤋
You will need to report it on your taxes... and you will own a bit... but I don't think such a small amount would effect your bottom line too greatly. Put aside about 30%... just in case.
2007-08-31 22:41:47 · answer #3 · answered by HardCastle 2 · 0⤊ 0⤋
I think anything over 600 dollars you have to report. It should say on the back of the ticket.
I will be winning the lottery tonight. The Mega Millions is up to 330 million
2007-08-31 22:41:01 · answer #4 · answered by Macey 6 · 0⤊ 0⤋
Hey there
I have won $500 3 different times and I never got taxed on it, It might be hard finding a place that will cash it. If you mail it in they might take out some taxes.
2007-08-31 22:43:48 · answer #5 · answered by David L 1 · 0⤊ 0⤋
If you are in the U.S. and it is $600 or less, you don't have to pay any taxes on it. I know because I used to work selling lottery tickets.
2007-08-31 22:49:47 · answer #6 · answered by Jill S 5 · 0⤊ 0⤋
I hope I win the $330 mil tonight! Even when the government takes their part, I will still be rich.
2007-08-31 22:40:47 · answer #7 · answered by ~SheSul~ 6 · 1⤊ 0⤋
I don't think so,here in Ohio any winnings over $599 have to be declared to the IRS
2007-08-31 22:41:47 · answer #8 · answered by Troy K 6 · 0⤊ 0⤋
I dont think thats enough to take out, trust me, if you won enough they would be tellin you from the start that your gonna owe them.
2007-08-31 22:40:15 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I have an idea. Bring it to me. I'll get the money and pay the taxes for you.
2007-08-31 22:40:27 · answer #10 · answered by diannegoodwin@sbcglobal.net 7 · 1⤊ 0⤋